H.R. 6422 · 116th Congress
National Infrastructure Bank Act of 2020
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Never voted on. It didn't reach a floor vote before the 116th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
DavisSponsor3 cosponsors · 3 D
1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill creates the National Infrastructure Bank to facilitate the long-term financing of infrastructure projects.
What it does: CRS summary · Introduced in House · Mar 31, 2020
National Infrastructure Bank Act of 2020
This bill creates the National Infrastructure Bank to facilitate the long-term financing of infrastructure projects.
Specifically, the bank must provide loans to public and private entities for financing, developing, or operating eligible infrastructure projects. An eligible project must have a public sponsor as well as local, regional, or national significance.
The bill also provides for various criteria and preferences for purposes of deciding whether to provide a loan, such as whether a project promotes job creation or provides environmental health benefits.
Projects that receive such a loan must (1) pay all laborers and mechanics locally prevailing wages, and (2) use only certain U.S.-produced construction materials unless a waiver is secured from the bank.
The bank shall issue stock and may also issue bonds and maintain a discount line of credit with the Federal Reserve System.
The bank must apply for a national bank charter as soon as is practicable and, once chartered, accept deposits from individuals, corporations, and public entities and pay interest on those deposits.
The bill also imposes requirements related to the bank's operation, such as minimum reserve requirements and requirements for handling loan losses.
In addition, the bank must facilitate the organization of at least seven regional economic accelerator planning groups to, among other things, identify infrastructure needs and priorities.
Within five years, the Government Accountability Office must report on the bank's activities, including the impact of the funded infrastructure projects.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: National Infrastructure Bank Act of 2020
Latest action (Apr 23, 2020): Referred to the Subcommittee on National Parks, Forests, and Public Lands.
Policy area: Finance and Financial Sector · Origin: House · Introduced: Mar 31, 2020
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.